Chubb’s thin bid for Hartford invites spoilers

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Insurance firm Chubb’s thin bid for smaller peer Hartford Financial Services invites spoilers. jennifersaba explains.

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Chubb said on March 18 that it had proposed to acquire rival U.S. insurer Hartford Financial Services. The offer would value Hartford at $65 per share, or $23.2 billion, representing a 19% premium to its closing price of $54.71 on March 10, the day before the offer was made.Hartford confirmed in a statement it had received the unsolicited takeover offer from Chubb and that its board of directors is carefully considering the deal.

Hartford’s shares rose nearly 19% on Thursday closing at $68.15, giving it a market value of $24.4 billion. Chubb’s shares fell 2.6% to $168.13 giving it a market value of $75.7 billion.A trader points to a stock chart on the floor of the New York Stock Exchange shortly before the closing bell in New York July 2, 2014.

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